Gold spurts on fresh buying; silver too edges up

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Gold prices rebounded today on emergence of fresh buying interest from stockists and speculators following buoyant overseas trend. Silver also shot up due to consistent demand from jewellery as well as coin makers. Standard gold (99.5 purity) surged by Rs 195 to quote at Rs 30,656 per 10 grams at 1700 hrs from last Saturday’s level of Rs 30,461.
Pure gold (99.9 purity) rose by Rs 145 to Rs 30,756 per 10 grams from Rs 30,611 previously, according to Riddisiddhi Bullions Ltd. Silver (.999 fineness) rallied sharply by Rs 432 to Rs 47,395 a kg at 1700 hrs from Rs 46,963 last weekend.
On the global front, the yellow metal soared to four— month high on safe—haven demand as well as speculative buying driven by escalating geopolitical tensions in the wake of stand—off between Russia and Ukraine. Spot gold jumped more than one per cent and stood at $1,343.70 an ounce in early European trade and silver was bid higher at $21.46 an ounce.
Source: Hindu business line
Source:Bullion Bulletin

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